Winchester Trade Park Under New Ownership

Winchester Trade Park is one of the most prominent and easily accessible locations on the South Coast, situated just off junction 9 of the M3 and adjacent to Tesco, Homebase, Halfords, Currys and number of other household retailers and trade counter occupiers.

The Park, which amounts to 51,500 sq ft and comprises 16 units, has been purchased for £7.2m, representing a net initial yield of 7%. The development is currently home to a number of high profile tenants, including national and regional trade counter occupiers such as Bathstore, Topps Tiles, Carpetright, Sally Hair & Beauty, Plumb Base, CEF, Grahams and Elliotts. Warehouse units on the estate range from 2,200 to 4,500 sq ft, with only two units currently available to let.

Jerry Vigus, Director in LSH’s Capital Markets team, commented: “This transaction is another off-market deal, relying on our knowledge of local and regional investment appetite and the constant movement in the South Coast’s commercial property sector. Aware that the owners of Winchester Trade Park were in distress and that the Park was likely to go into receivership, we were able to act quickly and secure the property off market. Recognising Hargreaves’ investment interest, we were able to agree terms and complete the deal within tight timescales over the New Year.”

John Butt, Director at LSH, added: “We expect 2012 to be another tough year, with investors waiting to determine what impact the Eurozone debt has had on the UK commercial property market. However, the South Coast is still relatively resilient to these economic conditions; with occupier activity still remaining fairly strong, and with a general lack of property in all sectors, rental levels are less affected.”

Posted by
The Editor (wantspacegotspace)
on
13th February 2012 (updated 09/04/2013)